(A) To better structure and manage development approvals for multiple-phase developments and to ensure their proper integration into local capital facilities programs, the Board of Commissioners may enter into development agreements with developers, subject to the procedures and requirements of G.S. Ch. 160D, Art. 10.
(B) A development agreement may specify that the developer furnish certain public facilities, but it must also provide that the delivery date of these public facilities will be tied to successful performance by the developer in completing the private portion of the development.
(C) A development agreement may specify that the project be commenced or completed within a certain period of time.
(1) A development must provide a development schedule and include commencement dates and interim completion dates for intervals no greater than five years.
(2) The property subject to a development agreement may be of any size.
(3) The term of the development agreement shall be of a reasonable term specified in the agreement.
(D) A development agreement must be approved by the Board of Commissioners by ordinance. Before entering into a development agreement, the Board of Commissioners shall conduct a legislative hearing following the same legislative hearing procedures and requirements delineated in Chapter 160 for zoning text amendments.
(E) The legislative hearing notice shall specify: the location of the property subject to the development agreement; the development uses proposed on the property; and a place where a copy of the proposed development agreement can be obtained.
(1) Once executed by the city and the developer, the development agreement must be recorded with the Craven County Register of Deeds.
(2) The burdens of the development agreement are binding upon, and the benefits of the agreement shall inure to, all successors in interest to the parties to the agreement.
(Ord. passed 7-25-2011; Ord. 21-O-04, passed 6-28-2021)